Chapter 40 — PENSIONS

(40 ILCS 5/8-180.1) (from Ch. 108 1/2, par. 8-180.1) Sec. 8-180.1. Credit for service as counsel of the Chicago Welfare Administration. Any person who shall have rendered service before 1941 as special corporation counsel of the Chicago Welfare Administration, for which service n…

(40 ILCS 5/8-180.2) (from Ch. 108 1/2, par. 8-180.2) Sec. 8-180.2. Any person who has at least 8 years of service credit in the Fund may establish service credit in the Fund for any period during which he served as Executive Director of the Chicago Land Clearance Commission, Exec…

(40 ILCS 5/8-181) (from Ch. 108 1/2, par. 8-181) Sec. 8-181. Interest credits-All employees. Amounts credited for age and service and prior service annuity shall be improved by interest at the effective rate during the time thereafter an employee is in service until his annuity i…

(40 ILCS 5/8-182) (from Ch. 108 1/2, par. 8-182) Sec. 8-182. Contributions for widow's annuity for widows of present employees and future entrants. (a) Beginning on the effective date, 1%, and from and after January 1, 1966, 1 1/2% of each payment of salary shall be contributed b…

(40 ILCS 5/8-182.1) (from Ch. 108 1/2, par. 8-182.1) Sec. 8-182.1. Contributions by female employees. (a) Effective as of October 1, 1974, each female employee shall contribute at the same rates as a male employee for widow's annuity or other benefits, to the end that like credit…

(40 ILCS 5/8-183) (from Ch. 108 1/2, par. 8-183) Sec. 8-183. Additional credits - widow's annuities - public school employees. (a) Each married male present employee who on June 30, 1923, was a contributor to a municipal pension fund in the city under the Public School Employees'…

(40 ILCS 5/8-184) (from Ch. 108 1/2, par. 8-184) Sec. 8-184. Additional credit-Widow's annuity-Retirement board employees. Each male employee who on June 30, 1935 was an employee of the board, shall be credited with 1 3/4% of his annual salary during his service between the day b…

(40 ILCS 5/8-185) (from Ch. 108 1/2, par. 8-185) Sec. 8-185. Widow's annuity credit-All employees in certain other superseded funds. A male employee who, on December 31, 1959, was a contributor to an annuity and benefit fund in the city under the Court and Law Department Employee…

(40 ILCS 5/8-185.1) (from Ch. 108 1/2, par. 8-185.1) Sec. 8-185.1. Widow's annuity credit - Employees in superseded Public Library Employes' Fund. A male employee who, on December 31, 1965 was a contributor and participant in the fund in operation in the city on such date created…

(40 ILCS 5/8-185.2) (from Ch. 108 1/2, par. 8-185.2) Sec. 8-185.2. Widow's annuity credit-Employees in superseded House of Correction Employee's Pension Fund. A male employee who, on December 31, 1968 was a contributor and participant in the fund in operation in the city on such …

(40 ILCS 5/8-186) (from Ch. 108 1/2, par. 8-186) Sec. 8-186. Widow's annuity-Interest credits-All employees. Amounts credited for widow's annuity and for widow's prior service annuity shall be improved by interest at the effective rate during the time thereafter an employee is in…

(40 ILCS 5/8-187) (from Ch. 108 1/2, par. 8-187) Sec. 8-187. Contributions by city for duty disability benefit. In lieu of all amounts ordinarily contributed by an employee and the city for age and service annuity, and widows' annuity, the city shall contribute sums equal to such…

(40 ILCS 5/8-188) (from Ch. 108 1/2, par. 8-188) Sec. 8-188. Contributions by city for ordinary disability benefit. The city shall contribute all amounts ordinarily contributed by it for annuity purposes for any employee receiving ordinary disability benefit as though he were in …

(40 ILCS 5/8-189) (from Ch. 108 1/2, par. 8-189) Sec. 8-189. Contributions by city for prior service annuities and pensions under former acts, and for other purposes. The city shall contribute annually, from the sum produced by the tax levy herein authorized, all sums required fo…

(40 ILCS 5/8-190) (from Ch. 108 1/2, par. 8-190) Sec. 8-190. Contribution by city for administration costs. The city shall contribute from revenue derived from taxes herein authorized, the amount necessary to defray costs of administration of the fund. Beginning July 1, 1987, the…

(40 ILCS 5/8-191) (from Ch. 108 1/2, par. 8-191) Sec. 8-191. Estimates of sums required for certain annuities and benefits. The board shall estimate the amounts required each year to pay for all annuities and benefits and administrative expenses. The amounts shall be paid into th…

(40 ILCS 5/8-192) (from Ch. 108 1/2, par. 8-192) Sec. 8-192. Board created. A board of 5 members shall constitute a Board of Trustees authorized to carry out the provisions of this Article. The board shall be known as the Retirement Board of the Municipal Employees', Officers', a…

(40 ILCS 5/8-193) (from Ch. 108 1/2, par. 8-193) Sec. 8-193. Board elections. In each year, the board shall conduct a regular election, under rules adopted by it, at least 30 days prior to the expiration of the term of the employee member whose term next expires, for the election…

(40 ILCS 5/8-194) (from Ch. 108 1/2, par. 8-194) Sec. 8-194. Board vacancy. A vacancy in the membership of the board shall be filled as follows: If the vacancy is that of an ex-officio member, the mayor of the city shall appoint a person to serve until a person qualified as herei…

(40 ILCS 5/8-195) (from Ch. 108 1/2, par. 8-195) Sec. 8-195. Board officers. The board shall elect annually at its regular December meeting from among its members, by a majority vote of the members voting upon the question, a president and a recording secretary who shall serve, r…

(40 ILCS 5/8-196) (from Ch. 108 1/2, par. 8-196) Sec. 8-196. Board meetings. The board shall hold regular meetings in the months of March, June, September and December annually and special meetings as it deems necessary. A majority of the members shall constitute a quorum for the…

(40 ILCS 5/8-197) (from Ch. 108 1/2, par. 8-197) Sec. 8-197. Board powers and duties. The board shall have the powers and duties stated in Sections 8-198 to 8-209, inclusive, in addition to such other powers and duties provided in this Article. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-198) (from Ch. 108 1/2, par. 8-198) Sec. 8-198. To supervise collections. To see that all amounts specified in this Article to be applied to the fund, from any source, are collected and applied. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-199) (from Ch. 108 1/2, par. 8-199) Sec. 8-199. To notify of deductions. To notify the city comptroller and the Board of Education of the city and the chief clerk of the board of the deductions to be made from the salaries of employees. (Source: P.A. 81-1536.)

(40 ILCS 5/8-200) (from Ch. 108 1/2, par. 8-200) Sec. 8-200. To accept gifts. To accept by gift, grant, bequest or otherwise any money or property of any kind and use the same for the purposes of the fund. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-201) (from Ch. 108 1/2, par. 8-201) Sec. 8-201. To invest the reserves. To invest the reserves of the fund in accordance with Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Act. Investments made in accordance with Section 1-113 shall be deem…

(40 ILCS 5/8-201.1) (from Ch. 108 1/2, par. 8-201.1) Sec. 8-201.1. The Board may lend securities owned by the Fund to a borrower upon such terms and conditions as may be mutually agreed in writing. Such agreement shall provide that during the period of such loan the Fund shall re…

(40 ILCS 5/8-202) (from Ch. 108 1/2, par. 8-202) Sec. 8-202. To have an audit. To have an audit of the accounts of the fund made at least once each year by certified public accountants. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-203) (from Ch. 108 1/2, par. 8-203) Sec. 8-203. To authorize payments. To authorize or suspend the payment of any annuity or benefit in accordance with this Article. The board shall have exclusive original jurisdiction in all matters relating to the fund, including, …

(40 ILCS 5/8-204) (from Ch. 108 1/2, par. 8-204) Sec. 8-204. To determine service credits. To require each employee to file a statement concerning service rendered the employer, the Retirement Board, and the Board of Trustees of any municipal pension fund as defined in this Artic…

(40 ILCS 5/8-205) (from Ch. 108 1/2, par. 8-205) Sec. 8-205. To issue certificate of prior service. To issue a certificate showing the entire period of service rendered by a present employee prior to the effective date and the amounts to his credit for prior service and widow's p…

(40 ILCS 5/8-206) (from Ch. 108 1/2, par. 8-206) Sec. 8-206. To submit an annual report. To submit a report in June of each year to the city council of the city as of the close of business on December 31st of the preceding year. The report shall contain a detailed statement of th…

(40 ILCS 5/8-207) (from Ch. 108 1/2, par. 8-207) Sec. 8-207. To subpoena witnesses. To compel witnesses to attend and testify before it upon any matter concerning the fund and allow witness fees not in excess of $6 for attendance upon any one day. The president and other members …

(40 ILCS 5/8-207.1) Sec. 8-207.1. To reproduce records. To have any records kept by the board photographed, microfilmed, or digitally or electronically reproduced in accordance with the Local Records Act. The photographs, microfilm, and digital and electronic reproductions shall …

(40 ILCS 5/8-208) (from Ch. 108 1/2, par. 8-208) Sec. 8-208. To appoint employees. To appoint such actuarial, medical, legal, clerical or other employees as are necessary and fix their compensation. The board shall develop procedures for obtaining, by contract or employment, any …

(40 ILCS 5/8-209) (from Ch. 108 1/2, par. 8-209) Sec. 8-209. To make rules. To make rules and regulations necessary for the administration of the fund. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-210) (from Ch. 108 1/2, par. 8-210) Sec. 8-210. Moneys to be held on deposit. To make the payments authorized by this Article, the board may keep and hold uninvested a sum not in excess of the amounts required to make such payments estimated to be due in the followin…

(40 ILCS 5/8-211) (from Ch. 108 1/2, par. 8-211) Sec. 8-211. Accounting. An adequate system of accounts and records shall be established to give effect to the requirements of this Article, and shall be maintained in accordance with generally accepted accounting principles. The re…

(40 ILCS 5/8-212) (from Ch. 108 1/2, par. 8-212) Sec. 8-212. Expense reserve. Amounts contributed by the city to defray the cost of administration of the fund shall be credited to this reserve. Expenses of administration shall be charged to it. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-213) (from Ch. 108 1/2, par. 8-213) Sec. 8-213. City contribution reserve. Amounts contributed by the city for age and service annuity, widow's annuity and supplemental annuity (except those in lieu of deductions from the salary contributed of an employee who receive…

(40 ILCS 5/8-214) (from Ch. 108 1/2, par. 8-214) Sec. 8-214. Employee's contribution reserve. Amounts deducted from employee's salaries for age and service annuity and widow's annuity, or otherwise contributed by employees, amounts contributed by the city for such annuities for a…

(40 ILCS 5/8-215) (from Ch. 108 1/2, par. 8-215) Sec. 8-215. Annuity payment reserve. Amounts transferred from the city contribution reserve and the employee's contribution reserve for annuities which have been fixed, amounts deducted from an employee's salary after the age and s…

(40 ILCS 5/8-216) (from Ch. 108 1/2, par. 8-216) Sec. 8-216. Prior service annuity reserve. Amounts contributed by the city for prior service annuity, widow's prior service annuity and minimum annuities, shall be credited to this reserve. All assets of any Municipal Pension Fund …

(40 ILCS 5/8-217) (from Ch. 108 1/2, par. 8-217) Sec. 8-217. Child's annuity reserve. Amounts contributed by the city for child's annuity shall be credited to this reserve and such annuities shall be charged to it. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-218) (from Ch. 108 1/2, par. 8-218) Sec. 8-218. Duty disability reserve. Amounts contributed by the city for duty disability benefits and child's disability benefits, and amounts contributed by the city for compensation annuity shall be credited to this reserve. Such…

(40 ILCS 5/8-219) (from Ch. 108 1/2, par. 8-219) Sec. 8-219. Ordinary disability reserve. Amounts contributed by the city for ordinary disability benefits shall be credited to this reserve and such benefits shall be charged to it. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-220) (from Ch. 108 1/2, par. 8-220) Sec. 8-220. Gift reserve. Money or property received by the board for any purpose, under other laws, or as gifts, grants, or bequests, or in any manner other than provided in any section of this Article shall be credited to this re…

(40 ILCS 5/8-221) (from Ch. 108 1/2, par. 8-221) Sec. 8-221. Investment and interest reserve. (1) Gains from investments and interest earnings shall be credited to this reserve. Losses from investments shall be charged to it. From this reserve shall be transferred amounts due in …

(40 ILCS 5/8-222) (from Ch. 108 1/2, par. 8-222) Sec. 8-222. Deficiencies in reserves. If the balance in the expense reserve, the prior service annuity reserve, the child's annuity reserve, the duty disability reserve or the ordinary disability reserve, either of these, is not su…

(40 ILCS 5/8-223) (from Ch. 108 1/2, par. 8-223) Sec. 8-223. Treasurer of fund. The city treasurer shall be ex-officio the treasurer and custodian of the fund and shall furnish to the board a bond of such amount as the board designates, which shall indemnify the board against any…